Attention MA, WV, GA and WY Agents: Revised NAIC Annuity Suitability Model Law

The NAIC recently proposed the adoption of a revised Annuity Suitability Model Law. Separately, the U.S. Securities and Exchange Commission (SEC) released a proposed rule package in May 2018, which included Regulation Best Interest (Reg BI). The SEC finalized Reg BI in June 2019. The final Reg BI establishes a best interest standard of conduct for broker-dealers beyond the existing suitability obligation that applies to federally registered variable annuities. 

State Implementation Effective 06/01/2023: MA, WV

State Implementation Effective 07/01/2023: GA, WY
 

► Current list of states that have adopted the revised model

West Virginia Form Updates

Starting June 1, 2023  West Virginia will implement their own version of the Disclosure form.
 

There is no grace period. We will no longer accept the previous version of the suitability forms beginning 06/01/2023 in West Virginia. 

Minnesota Form Update

Starting July 1, 2023  Minnesota will implement their own version of Suitability and Disclosure forms.
 

There is no grace period. We will no longer accept the previous version of the suitability forms beginning 07/01/2023 in Minnesota. 

The Following Training Is Required to Sell Annuities With American National

American National Annuity Product Training 

• Newly appointed producers must take the IMG All-Encompassing Course located in your Learning Plan.
• Existing producers who have already taken the IMG All-Encompassing Course satisfy the requirement with the review of the content in this email.

Continuing Education Training 

To ensure all necessary training is completed, please review the Annuity State Suitability Training Guide for individual state requirements. 

Find the 1-hour and 4-hour CE courses on the RegEd website under the state you are licensed.